If you are a self-assessed taxpayer in the UK you may have received a tax return warning by HMRC already but if not, there may be one winging its way to you. HMRC is targeting people who failed to file a tax return for 2009-10 or earlier and sent out over 7000 letters this week. The initiative is focused mainly on the high rate self- assessed taxpayers who have gaps in their tax record.
The idea is to “bring your tax affairs up to date,” said Marian Wilson, Head of Campaigns at HMRC. It’s worth filing any outstanding returns now as time is running out to avoid suffering a severe fine.
Until 2 Oct, HMRC provides better terms on the fines- between 10% and 20% of the tax due plus the tax itself which is infinitely more preferable than the draconian 100% which it rises to thereafter.
Our UK team can help if you’re unsure of your situation. Alternatively, you can check our self-assessed FAQs or call us for free on 0808 2381 611.